Another Sleepy Session

Once again, the market started the day with a little vigor and then went to sleep. This has been one of the slowest periods in quite a while, and there doesn't seem to be any immediate catalyst to shake things up.

There is nothing wrong with the action, as it is holding steadily with Apple (AAPL) and Google (GOOG) doing much of the heavy lifting, but we continue to see little aggressive action in other areas of the market. Small-caps continue to lag and there aren't any obvious pockets of momentum.

I suspect that overanxious bears, who have been looking for a pullback for a week, are providing constant short-squeeze fuel, and there are many underinvested bulls inching in because they aren't seeing dips to buy.

Breadth is better today, and there continues to be excellent support, but the thinness and the slowness of the action don't contribute to aggressiveness.

I've been nibbling at a few things, including Nanosphere (NSPH), Smith & Wesson (SWHC), and my Stock of the Week, Performant Financial (PFMT). I have my eye on Michael Kors (KORS) for a chase, but I'm waiting until later in the day before doing anything sizable.

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